IPO Boutique - The Premier IPO and Secondaries Advisory

IPO Boutique BUY rated Secondaries	Issue Price	First Day Open	First Day High	% Gain Issue vs. Open	% Gain Issue vs. High
Average of Last 20	17.05	17.44	17.80	4.4%	7.1%

      We rate Secondaries as BUY - NEUTRAL - AVOID.

      The above chart includes only our BUY recommendations. The last 20 are shown to represent the effect of our BUY ratings in the current Secondaries market.

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